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SFPUC reports $721M water‑revenue bond sale, announces Bacon Street community meeting and Lake Merced MOU outreach
Summary
SFPUC staff reported a $721 million water revenue bond sale that Reedstrom said will save ratepayers roughly $18.1 million over 30 years, announced a July 28 community meeting about permanently closing a one‑block portion of Bacon Street at University Mound Reservoir, and summarized outreach on a draft Lake Merced MOU to return in September.
San Francisco — At its regular meeting the San Francisco Public Utilities Commission received several administrative updates: a finance briefing on recent bond sales, a community outreach notice on a potential street closure near University Mound Reservoir, and progress on a draft memorandum of understanding (MOU) for Lake Merced management.
Todd Reedstrom, assistant general manager and CFO, told commissioners the utility sold $721,000,000 of water revenue bonds in the market and achieved an estimated $18,100,000 in interest savings over the life of the 30‑year bonds; the sale includes refunding of earlier series and a planned close on August 4. He described overall WESIP (Water System Improvement Program) progress and noted Moody’s had lowered the water enterprise rating one notch into parity with S&P, while staff emphasized continued strong fiscal management.
Tyrone Joo, director of communications, briefed the commission on a neighbor letter and a staff recommendation to hold a community meeting on Bacon Street — the one‑block roadway that bisects the University Mound north and south basins — on July 28. Joo explained that bollards installed for construction security can be raised or lowered, that the street is a nonconforming 24'9" width (typical city streets are ~40 feet), and that both SFPD and SFFD were consulted and reported no overriding public‑safety objections. The meeting will solicit neighborhood input on whether the section should remain vehicle‑accessible or be permanently limited to pedestrian and bicycle access.
Steve Ritchie, general manager for water, reported on Lake Merced outreach: the PUC and Recreation & Parks are negotiating a management agreement, staff produced a draft MOU and held a public meeting near the lake with 43 attendees. Ritchie said participants expressed strong interest in recreational use—boating and a boathouse—while staff continues to balance water‑resource management responsibilities with recreational expectations; a revised MOU is expected to return to the commission in September.
Those administrative items were presented for commissioner feedback; no formal policy votes were taken on the Bacon Street or Lake Merced items during the meeting. The finance update will be included in forthcoming outreach materials to ratepayers and in future budget reports.
